CLP (2) H2 2024 earnings summary

Executive summary

• Achieved strong financial performance in FY24, with underlying earnings up 76% to HK$11.7 billion and robust contributions from EnergyAustralia and Hong Kong.

• Advanced decarbonisation and energy transition projects, with major investments in renewables, energy storage, and infrastructure across key markets.

• Maintained a 1.6% dividend increase, continuing a long track record of shareholder distributions.

• Completed a strategic review, reinforcing focus on clean, reliable energy, stable earnings, and sustainable growth.

• Consolidated revenue increased 4.4% to HK$90,964 million, mainly due to higher wholesale spot prices in Australia.

Financial highlights

• Underlying operating earnings before fair value movements rose 8% to HK$10,949 million.

• Total earnings surged 76% year-over-year to HK$11,742 million, with basic EPS up to HK$4.65.

• Total dividend per share for FY24 was HK$3.15, up 1.6%, with a yield of 4.8%.

• Group EBITDAF increased 9% to HK$25,830 million; capital investments reached HK$18,773 million, up 46%.

• Net debt to total capital ratio was 33.0% (2023: 31.6%).

Outlook and guidance

• Focus on decarbonisation, with plans to double renewable capacity in Mainland China and triple low-carbon energy in India in the medium term.

• EnergyAustralia targets up to 3GW of renewables by 2030 and investment in flexible capacity.

• Hong Kong to support major infrastructure, smart meter rollout to 93% of customers by 2025, and grid-scale battery projects.

• Disciplined capital allocation targeting high-return projects and partnerships, especially in Australia and China.

• Committed to a five-year HK$52.5 billion capital program in Hong Kong.